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Tips for Serving Non-Traditional Households

May 17, 2013

Non-traditional households — pretty much any household that doesn’t have a nuclear family in it — are growing twice as fast as traditional ones, according to the latest U.S. Census. So for financial advisors, they’re a good place to look for growth. Specialized credentials and a gift for networking can help.

At the Women Advisors Forum in New York City on May 15, two Manhattan wealth managers discussed their strategies, On Wall Street reports. Jennifer Hatch caters to gay and lesbian couples as managing partner of Christopher Street Financial, which has $275 million in assets under management. As same-sex couples have tax and financial issues that are particular to them, she said, she recommends that advisors who want to serve this market get the Accredited Domestic Partner designation.

As for finding clients, Hatch said she markets her services by offering educational programs at Family Equality, an advocacy organization. Her firm’s assets under management and revenues have doubled in the past five years.

Single women are another underserved demographic, particularly divorcees. Stacy Francis, president of Francis Financial, said that for this niche, the Certified Divorce Financial Analyst designation has helped her win clients and meet their needs. Her fee-only firm boosted assets under management by 9% in 2012 and 55% in 2011, largely from divorce business, she said.

Hatch and Francis said they cultivated lawyers and other professionals who deal with relationship issues to build their clientele. A robust online presence and press mentions don’t hurt either, they added.

By Joan Warner
  • To read the On Wall Street article cited in this story, click here.